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Home » News » ONGC’s vision for a low-carbon energy future is expanding horizons with green initiatives

ONGC’s vision for a low-carbon energy future is expanding horizons with green initiatives

August 16, 2023 4:17 pm

ONGC’s vision for a low-carbon energy future is expanding horizons with green initiatives
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There is also a growing emphasis on research and development in carbon capture, utilisation, and storage (CCUS) technology.

Energy Maharatna has developed a solid path to considerably expand its low-carbon energy portfolio.  According to the Hon’ble PM’s vision for renewable energy, which he outlined in his Independence Day speech on August 15, 2023, ONGC has embraced India’s lofty objectives and is actively supporting its goal to reduce carbon emissions by 1 billion tonnes and carbon intensity by 45 percent by 2030.

Since ONGC was a pioneer in using several de-carbonisation levers, there have been appreciable decreases in emissions. In the last five years, emissions from Scope-1 and Scope-2 have been reduced by 17 percent thanks to the integration of sustainable practises into core activities. By the end of FY’23, ONGC has decreased its emissions by 2.66 percent.

Two green-field O2C plants are being planned by ONGC for India. For prospects in the low-carbon and renewable energy sectors, ONGC is developing a roadmap. By the end of this decade, ONGC expects to have invested roughly ₹1 trillion in its several green initiatives. It also has ambitious plans to increase the size of its renewable energy portfolio to 10 GW by 2030. To take advantage of numerous low carbon energy options, such as renewable energy, green hydrogen, green ammonia, and other derivatives of green hydrogen, ONGC is also aggressively exploring partnerships with top players.

To reduce emissions from current processes, there is also a growing emphasis on research and development in carbon capture, utilisation, and storage (CCUS) technology.

The cornerstone of its energy business will still be the exploration and production (E&P) of oil and gas. The key areas of focus continue to be extensive exploration in established basins and frontier plays, continued production from active fields, and exploitation of deep-water assets.

The dedication of ONGC to time-constrained and technologically demanding IOR/EOR schemes demonstrates its capacity to extract more commercial value from active producing pools or standing reserves. Strategically positioned to add considerable amounts of oil and gas to our portfolio are its important development and rehabilitation projects.

ONGC has consistently expanded its borders and pushed the limits of exploration in recent years. By 2025, ONGC has set a lofty goal of bringing 5 lakh square kilometres of land under active exploration by purchasing one lakh square kilometres per year and investing ₹10,000 crore on exploration. This goal is part of our “Future Exploration Strategy.”

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